> Apple's real vulnerability in my view is that most of their value arises from extraordinarily high margins which in turn are driven by perception / fashion.

> Apple's real vulnerability in my view is that most of their value arises from extraordinarily high margins which in turn are driven by perception / fashion. Well put. The iPhone is going on 15 years old. Once-hip iPhone users are becoming parents to children and teenagers that are getting their first devices. The iPhone will go the way of the Blackberry in the next 5-10 years and Apple will need to reinvent itself (again, without Jobs) in this time or see a rapid decline.